Trading – Interest Rate Derivatives Trading – Equity and Index Derivatives Back-office – Futures

Back-office - Options Technology Regulation

CIRCULAR 036-18 March 8, 2018 REPORTS PERTAINING TO THE ACCUMULATION OF POSITIONS FOR DERIVATIVE INSTRUMENTS (LOPR) Reminder Concerning LOPR Reportable Dates Pursuant to article 14102 – Reports Related to the Accumulation of Positions for Derivative Instruments of the Rules of the Bourse, the Regulatory Division would like to remind participants of their reporting obligations pertaining to the accumulation of positions for derivative instruments. Specifically, participants must ensure that the report date corresponds to the trading day for which the position report has been compiled. As per the provisions of article 14102 of the Rules of the Bourse:

1) Each approved participant must file daily with the Bourse, in the prescribed manner, a report detailing all gross positions held for its own account or for an account or group of accounts which are all owned by the same beneficial owner in derivative instruments listed on the Bourse when these gross positions exceed the reporting thresholds prescribed by the Bourse for each of these derivative instruments or a report confirming that there are no positions to be reported when none of the reporting thresholds prescribed by the Bourse have been exceeded for each of these derivative instruments. 2) Any report transmitted to the Bourse pursuant to this Rule must be transmitted within the reporting hours prescribed by the Bourse and not later than 9:00 a.m. (ET) on the business day following the one for which positions must be reported. With regard to “the prescribed manner”, section 3.3 – Position Submission Time of the Large Open Position Reporting of LOPR Regulatory Requirements Guide (LOPR Guide) specifies that the “report date” must correspond to the day for which the position reports have been compiled. For example, if the position report reflects positions at the end of the trading day on April 2, the “report date” must indicate April 2. Additionally, LOPR position reports must be compiled for every trading day and transmitted to the Bourse via the LOPR reporting tool before 9:00 a.m. (ET) the following trading day. For the purpose of LOPR, weekends and days where all of the Bourse’s markets are closed (“Interest Rate Derivatives” and “Equity, currency, ETF, and index derivatives”) do not constitute a trading day. Bourse trading days can be found on the Bourse’s website https://www.m-x.ca/qui_jours_en.php.

Circular 036-18

Page 2

Holiday schedule for the Bourse’s markets from January 2, 2018 to January 1, 2019 Equity, currency, index and ETF derivatives

Is this considered a trading day for which a LOPR report must be compiled?

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Regular schedule

Regular schedule

YES

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Interest rate derivatives

2018 Monday, January 1, 2018 New Year’s Day Friday, February 16, 2018 Day preceding Family Day Monday, February 19, 2018 Family Day Thursday, March 29, 2018 Day preceding Good Friday Friday, March 30, 2018 Good Friday Friday, May 18, 2018 Day preceding Victoria Day Monday, May 21, 2018 Victoria Day Monday, June 25, 2018 In lieu of Québec’s National Day Friday, June 29, 2018 Day preceding Canada Day Monday, July 2, 2018 In lieu of Canada Day Friday, August 3, 2018 Day preceding Civic Holiday Monday, August 6, 2018 Civic Holiday Friday, August 31, 2018 Day preceding Labour Day Monday, September 3, 2018 Labour Day Friday, October 5, 2018 Day preceding Thanksgiving Day Monday, October 8, 2018 Thanksgiving Day

Circular 036-18

Friday, November 9, 2018

Page 3

Interest rate derivatives

Equity, currency, index and ETF derivatives

Is this considered a trading day for which a LOPR report must be compiled?

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Regular schedule

YES

Closing at 1:30 p.m.

Regular schedule

YES

Closed

Closed

NO

Day preceding Remembrance Day Monday, November 12, 2018 In lieu of Remembrance Day Monday, December 24, 2018 Day preceding Christmas Tuesday, December 25, 2018 Christmas Day Wednesday, December 26, 2018 Boxing Day Monday, December 31, 2018 Day preceding New Year’s Day

Closed

Closed Closing at 1:30 p.m.

NO

Regular schedule

YES

Closed

NO

2019 Tuesday, January 1, 2019 New Year’s Day

Closed

Finally, kindly note that on October 1, 2014, the Bourse introduced fees, which can be found in the list of fees, for the late filing or the failure to submit reports pertaining to the accumulation of positions for derivative instruments. The correct identification of the trading day for which the positions are being compiled is a critical element that enables the Bourse to accurately assemble LOPR data for position limits monitoring purposes. The Division considers position reporting requirements to be a core component of the preservation of market integrity. LOPR reporting requirements are therefore of the utmost importance to the Bourse, and will be diligently monitored and enforced. For any comments, issues or concerns please contact Peter Kadowaki, Senior Market Analyst, Regulatory Division, at 514.787.6543, or by e-mail at [email protected].

Julie Rochette Vice President and Chief Regulatory Officer Regulatory Division

1) Each approved participant must file daily with the Bourse, in the ...

Mar 8, 2018 - 1) Each approved participant must file daily with the Bourse, in the prescribed manner, a report detailing all gross positions held for its own account or for an account or group .... Division, at 514.787.6543, or by e-mail at peter.kadowaki@tmx.com. Julie Rochette. Vice President and Chief Regulatory Officer.
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